Stanbic Bank Donates K1 million to the Government

In the hope of mitigating the impacts of the drought in Zambia, Stanbic Bank has donated K1 million.

Vice President Nalumango accepted the cheque on 15th May, having called for more support from the private sector to help alleviate the pressures on the government to provide enough financial support to affected sectors and communities.

Speaking to reporters she said, “Charity begins at home,” and encouraged further support by calling on others who should “follow this example”.

The Chief Executive of Stanbic Bank said, “in the face of adversity, together, we need to find strength, resilience and a shared determination to rebuild and recover.” The Bank emphasised its support for both the government’s short-term initiatives and its long-term visions.

Vice President Nalumango also urged banks to vary the loans for farmers who received credit in the last farming season, but their repayment capacity has shrunk due to the impacts of the current drought.

In terms of other investment further afield, on 15th May the Swedish government announced $200 million to help Zambia actualise the development of a new cooperation strategy from 2024 to 2028.